Belt & Road: More than half of China-backed overseas coal projects shelved or cancelled over past six years
"Half of China-Backed Overseas Coal Projects Shelved", 16 June 2021
Over half of the Chinese-backed overseas coal-fired power plant projects have been shelved or canceled over the past six years, underscoring the rising forces against coal investments globally.
Of the 52 projects with Chinese financing announced between mid-2014 and the end of last year, 25 have been shelved and eight have been canceled, according to a research paper published Wednesday by Beijing-based think tank International Institute of Green Finance. Only one project -- a power station located in Kalapara, Bangladesh -- has gone into operation, a sign that financing costs and risks related to coal projects have surged, while clean energy like solar power have became cheaper to produce, the paper said. [...]
Activists and global organizations have been calling for an end to the financing of coal projects worldwide since the burning of the fuel is one of the biggest sources of carbon emission. [...] China is facing increasing scrutiny for its energy investment overseas, with the latest criticism coming in Bangladesh, where a Chinese-backed coal plant project is accused of failing to ensure proper environmental inspections. [...]